How users learn about crowdfunding platforms

Transcription

1 How users learn about crowdfunding platforms Where do they learn about them? Victoria Wendt University of Halmstad, Sweden Abstract The purpose of this paper is to study how users of crowdfunding platforms have learned about crowdfunding platforms. A user refers to the creators, the supporters and the observers of crowdfunding platforms. Crowdfunding is a relatively new financing method and means that the creators are looking for supporters among all the observers and ask for smaller amounts of money to their project. These projects introduces by the creators on different crowdfunding platforms on the web, instead of looking for traditional investors, such as the bank. Crowdfunding platforms results that almost people from all over the world can see these projects. This paper is deductive in nature and is based on both secondary sources and primary sources. To be able to find out how users of crowdfunding platforms learned about crowdfunding platforms has a quantitative study conducted, which the primary sources collected through a non-mandatory survey. The survey was in digital form and 217 users of crowdfunding platforms have answered how they learned about crowdfunding platforms. The majority of the survey respondents are between years old. The result show that about 40 % of those who participate in the survey has both learned what crowdfunding platforms are and how to use it through the Internet, but it learns through education, workplace, friends, other users and family as well. The secondary sources are scientific articles and them add explanations of terms and relevant information about this research. In the end of this paper discussed biases and suggestions for further research. Keywords: Crowdfunding, Crowdfunding Platforms, Learn, Growth, Entrepreneurs, Crowdfunding Models Introduction The Internet has expanded considerably and is still doing it. Developments in technology, especially the Internet s development enabling people to virtually the entire world can communicate and collaborate more easily, which is impressive. This affects many parts and today does many errands over the Internet. Crowdfunding means creating contributors through the Internet and it is a new financing method and strategy that has grown rapidly the recent years (Viotto, 2015). Crowdfunding platforms have spread rapidly and are now a great tool for businesses, as crowdfunding platforms enable companies to present their product. Crowdfunding is especially helpful for new entrepreneurs and small companies that are limited when it comes to lending (Mollick, 2014). Since the help of traditional investors is 1

2 limited has creators searched for other possibilities than the traditional, which has made crowdfunding platforms are used more and more (Belleflamme, Lambert & Schwienbacher, 2014). Crowdfunding allows entrepreneur help each other with the financing of project and ideas and basically anyone in the world can contribute to a project through crowdfunding platforms (Voelker & McGlashan, 2013). Crowdfunding platforms are used not only in order to raise capital, but also as an ad tools and create contacts (Gerber & Hui, 2013). Networking through the Internet is important, especially for entrepreneurs when networking is one of several signs of success, which is smart because more and more people put a lot of time online. Crowdfunding is a great alternative in hope of raising capital by the Internet and attract investors. In about five years, it is created 1000 different platforms (Viotto, 2015). Which is a rapid growth and therefore it is interesting to study how users learned it from the beginning and how it has spread to be more and more users. This paper will focus on what crowdfunding platforms are and how users learned about it. It is interesting to see how it has spread and been able to get so big with so many different crowdfunding platforms as there are today. Method The method includes a description of how the study has been conducted. The data is collected to investigate the question how users learn about crowdfunding platforms?. This paper is based on both primary sources and secondary sources. The collection of primary sources is quantitative nature and has been collected with an empirical survey. The survey consists of three questions with five to sex alternatives, where the respondents can choose one, by mark the alternative, which best suits them. Two of the questions also have an alternative named other, where the respondents could write an own alternative. The respondents should not be forced to choose an option that is not true. The survey consists of three questions to keep the survey short and concisely. Partly to not lose the respondents interests and for not getting frivolous answers. The survey was answered by 217 users of crowdfunding platforms to get a broader perspective (Jacobsen, 2002:57-58). With users of crowdfunding platforms means author the creators, the supporters and the observers. The secondary sources are previous research by other scientists and consists of scientific articles collected from the database of University of Halmstad. The names of the databases are Web of Science, Scopus and Summon. The scientific articles funds through searching the keywords. The keywords are crowdfunding, crowdfunding platforms, learn, growth, entrepreneurs and crowdfunding models. This paper is deductive in nature, since previous research first studied to get more knowledge, better overview and to be able to ask relevant questions in the survey. Thereafter the primary sources been collected by the survey (Jacobsen, 2002:42-45). According to Jacobsen (2002:21-22) should empirical data meet two requirements, the two requirements are validity, which means that the empirical data should be valid and relevant. Validity means that the study measure what should be measured. The other requirement is reliability, which means the study should be reliable and trustworthy (Jacobsen, 2002:21-22). The empirical findings come from primary sources, which increase the reliability of the study because the information has not been interpreted and comes directly from the sources. The secondary sources have great significance in this paper, the secondary sources add explanations of terms, relevant information and help this paper to be more validity through be supported by scientific articles and 217 answers has been collected. How this study has been conducted explains thoroughly to make the study repeatable, which increases the study s reliability. The reliability means if the study will get the same result if it does again and it can varies 2

3 depending on the respondents. If the same respondents answers again should it probably be the same result. The study consist only a small sample and not all the users, which is a bias. A restriction with this paper is that the respondents are only from Sweden. The survey was digital and were made through Google Drive, which is a free application that contained all the features needed to create a good digital survey as possible. Google Drive is a simple way to create a survey and then send the survey as a web link. The web link was sent to an organization consisting of entrepreneurs, who also spread it through their own internal network. The Internet link was also awarded in specific entrepreneur groups on Facebook, which is also a free forum, to easily reach out to more users of crowdfunding platforms. By spreading the web link with Facebook and the questionnaire reached out to many in an efficient and economical way, when it comes to time and money in the research process. A digital survey allows the respondents saves time and can do the survey when they have time for that. Another advantage to the survey was digital are that the results are not influenced by the author, which makes the interference was minimal. The respondents were anonymous, which also reduce the interference. Although the Internet link to the questionnaire was sent to Facebook and , was the survey voluntary to participate, no one needed to fell forced to answer the questions. The survey questions were formulated in Swedish, to clarify and avoid misunderstanding, since the survey was sent to the Swedish organization and Swedish groups on Facebook. In the empirical section are the questions translated into English to make it clearer in this paper and the query results are presented there, both in quantity and percent. The survey consisted of three questions, that all 217 respondents have been answered them all. The survey design was a simple structure with few issues that needed. The first question was age? and the respondents could choose between six alternatives, 0-15 years, years, years, years, years and 76- years. Each respondent who participated in the survey has answered an option that applies to his or hers age, which makes the issue exhaustive. The second question was how did you learn about what crowdfunding platforms are? and the third question was where did you learn to use crowdfunding platforms?. The last two questions have the same answer alternative, which was Internet, education, work, friends, other users and other. If the respondents choose other could they write an own option that applies to them. It was difficult to get exactly all the options for how users have learned about crowdfunding platforms and therefore there was an option other. The alternatives to the last two questions were made by study the secondary sources. The choice of digital survey was not only because of the flexibility but also to the majority of users of crowdfunding platforms are uses probability the Internet often, either by computer, tablet or mobile. Facebook, which is one of many social medias and a great forum, was good to use to spread the survey and get more respondents. A disadvantage of this is that is hard to know what types of respondents are completing the questionnaire. It was clear that only users of crowdfunding platforms would click in on the web link to be included in the survey. A defining of what the author means by users of crowdfunding platforms were clearly explained next to the web link and also in the survey, so it would not be misunderstandings of who that could answer the survey or not. Literary review Crowdfunding It has emerged a new popular form of financial method named crowdfunding, represented on the Internet, unlike the traditional sources of financing as financial investors and the bank 3

4 (Gedda et al. 2016). Crowdfunding is usually about small contribution but from relatively large number of people who using the Internet. Crowdfunding is a pretty new method and is still developing and it is a type of micro-finance according to Mollick (2014). Crowdfunding projects varies, there is both large and small projects. Crowdfunding is a good way to searching capital, especially for new entrepreneurs and small businesses, that are limited when it comes to lending (Mollick, 2014). The benefits of crowdfunding compared to a grant application are that there is a greater chance to create new partnerships, facilitate contact with the public and also build unexpected bridges. The Internet and social media are growing more and more, which means that the public interacts easier (Vachelard et al. 2016). Crowdfunding allowed individuals to collect money from the public but it is difficult to control everything, because the Internet is an open network (Kang et al. 2016). Since crowdfunding is still a new financial method, is it also difficult to calculate exactly how much preparation it takes to succeed. It is difficult to determine the cost and time for crowdfunding compared to traditional grant (Vachelard et al. 2016). Mollick (2014:2) wrote that Schwienbacher and Larralde (2010) define crowdfunding as an open call, essentially through the Internet, for the provision of financial resources either in form of donation or in exchange for some form of reward and/or voting rights in order to support intiatives for specific purposes (Mollick, 2014:2). This definition from Schwienbacher and Larralde is the most recurring definition of crowdfunding according to Cordova, Dolci and Gianfrate (2015). Those who want to get involved in different project can now do it easier with the help of the digital environment grows and creates new possibilities (Booth, 2015). Crowdfunding has in recent years enjoyed an outstanding growth and development when it comes to the global spread of applications, numbers of platforms and total income (Stiver et al. 2015). Consumer and founder, crowdfunders, relationship can be changed through crowdfunding, by coming closer to each other (Galuszaka & Brzozowska, 2016). One advantage with crowdfunding is that geographical distance is not a problem (Yang, Wang, & Wang, 2016). Booth (2015:155) wrote Crowdfunding, the grassroots financing of projects using social and other online media, provides a contemporary avenue for exploring the interaction between users and techno- logical systems within a digital culture (Booth, 2015:155). Crowdfunding is used not only to search capital but is also used for other purposes, such as marketing purposes (Mollick, 2014). According to Gerber and Hui (2013) created crowdfunding campaigns with reason of attract attention, raise money, learn from others, make contacts, create community and to help and support others projects. Crowdfunding is also a great tool to get feedback. The motives of the supporters are the desire to help and be a part of the community that is created (Gerber & Hui, 2013). The greatest opportunity of using crowdfunding according to Özdemir, Faris and Srivastava (2015) is that the users learn from each other. There are many different types of people who use crowdfunding platforms, such as engineers, entrepreneurs, investors and researchers that can learn from each other s knowledge (Özdemir, Faris & Srivastava, 2015). Crowdfunding is also used to finance research projects. It is in common to researchers in their early career, students and in countries where state support does not exist research funding use crowdfunding campaigns. The early researchers have more difficult to compete for finance with larger and well-known researchers (Vachelard et al. 2016). Even projects that focus on charity usually use crowdfunding (Choy & Schlagwein, 2016). 4

5 Internet usage is high and it is cleverly to raise capital with help of the Internet according to Davidson and Poor (2015). It requires investment of time for the project owner to make a good campaign and that is important because all who are interested can follow the crowdfunding project easily through the Internet. Crowdfunding means not just add up the campaign on the web and then wait for the money to roll in, but crowdfunding requires a lot of networking through social media for the project owner. Facebook, LinkedIn and Twitter are important social media. Vachelard et al. (2016) means that if the project owner has not a strong network through these social media, it is important to start working on it. Public forms and blogs are also good tools to spread the word about the project. Different events can also be important to participate in order to expand the networking. Important for project owner to attract attention, trust and update often. The attention on the Internet is limited, although it reached out to many people, the project must attract. Negative reactions are in common but some of those might be good to take as criticism and lessons learned. Vachelard et al. (2016) wrote that it is important for the project owner to not ask for the moon (Vachelard et al. 2016). According to Kang et al. (2016) it is advantageous if the people in surroundings contribute money to the project. It increases the credibility and other donors will be more likely to venture investing. The social circles as family, friends and colleagues are important in this context (Kang et al. 2016). The people the project owner has in their surroundings should help to send out positive signals about the project according to Davidson and Poor (2015). Friends and family are important financiers especially when it comes to the start of the crowdfunding project. Financiers are influenced by each other and that makes the projects with more financiers may be easier to attract even more financiers (Yang, Wang & Wang, 2016). Capital by crowdfunding usually starts from family and friends and to achieve success with the crowdfunding project it is also important to have good information about the project and good contacts through social media. Both factors associated with success. It has been shown that the project usually creates a great connection to the geographic location where the owners of the project is (Mollick, 2014). Vachelard et al. (2016:3) means that Do not forget the traditional offline social networks: your family, friends, and colleagues. During the early stages of your campaign, these networks are more important than online ones for a simple reason: trust. They know you and are willing to help you. You have to build a core of followers and supporters around your project. Doing so shows that people trust you and, consequently, your online network will be more willing to help you (Vachelard et al. 2016:3). Crowdfunding models Crowdfunding is a relatively new phenomenon to finance new investments through the Internet. Provide financial resources do either by exchange or donation. There are four distinctive models of crowdfunding. The four models are donation-based model, lendingbased model, equity-based model and reward-based model. The donation-based model means that a person contributes money to a project without being promised anything in return. The lending-based model means that a person lends money and get the money back when the project owners able to repay, it works as lender and borrower. Equity-based model means that funders get receive dividends after how it goes for the project. The reward-based model means that the person who gives money gets a gift in return (Kang et al. 2016). 5

6 Crowdfunding platforms Crowdfunding platforms are an online service that aims to enable the project owners to collect contributions in order to implement the project (Siering, Koch & Deokar, 2016). Start-up companies can through open conversations over the Internet easier get financial resources today. The project owners and the potential financiers get in touch through crowdfunding platforms, which functions and becomes an intermediary (Löher, 2016). As the platforms are an intermediary, it is important that the content is understandable and easy to understand for the users. The goal should be that the platforms should be as informative as possible (Löher, 2016). Crowdfunding platforms usually look different and are not designed the same way, either the model or the payment method are the same (Gedda et al. 2016). The platforms have different characteristics and functions, which they consider necessary to attract users. The users should consider the available tools, support and free service are aspects that are good to keep in mind when choosing a platform to use (Viotto, 2015). Many crowdfunding campaigns been published on crowdfunding platforms and according to Choy and Schlagwein (2016) contain most crowdfunding platforms information for all users to understand the functions and the design, especially to make it easier for the project owner to show the project. Some crowdfunding platforms are Kiva, Fundable and Kickstarter (Choy & Schlagwein, 2016). Gedda et al. (2016:32) defining crowdfunding platforms like A website dedicated to rais-ing funds via crowdfunding. Such platforms typically make money by adding a fee to the amount funded (Gedda et al. 2016:32). While crowdfunding platforms bring opportunities for many entrepreneurs and financiers, it can also cause problems and risks. Misleading advertising and fraud can be some of the risks that may arise. Therefore it is important to create trust to get financiers to provide capital. Many financiers have a kind of concern that the money is not used in the right way in crowdfunding platforms. Trust is important in many situations, but especially in the social an economics context according to Kang et al. (2016). Agreements, laws and regulations should the crowdfunding platform show clearly to make it easier for all users. Even establish rules and information regarding the management of the projects should be on the platforms (Kang et al. 2016). One problem that arises between the participant and the different platforms are information asymmetries. The platforms will reduce this through more data available on the platforms and other traditional sources (Viotto, 2015). The non-profit projects are more likely to make money than profit project because of information asymmetries (Yang, Wang & Wang, 2016). Fraud over the Internet has grown increased as the platforms become more, because it becomes to be more difficult to detect fraudsters. Therefore it is important that the terms of use are available and understandable. Not good for the platform if fraud becomes, it draws down the platforms creditability (Siering, Koch & Deokar, 2016). In 2009 there were 200 crowdfunding platforms and already in 2014 there were 1250 crowdfunding platforms in the world, according to consulting firm Massolution. The media, governments and different agencies have paid attention to this rapid growth of crowdfunding platforms (Viotto, 2015). Users of crowdfunding platforms There are three types of roles when it comes to users of crowdfunding platforms: the creators, the supporters and the observers. Gerber and Hui (2013) wrote an example about that an individual begins as an observer to learn more about it and get information, then possibly create a project ant then contribute to another project and then the creator of that project contribute back as a thank you. The supporters of crowdfunding platforms similar to standard 6

7 consumers, but they share the same community, inspiration and awareness as the creators (Gerber & Hui, 2013). In many cases become creators and supporters together into a so-called crowdfunding community and the process itself is created between these two (Davidson & Poor, 2015). These crowdfunding platforms not only provide the opportunity to collect money, but also to get feedback, attention and new ideas. Users of crowdfunding platforms gets benefits form each other and create experiences together (Cordova, Dolci & Gianfrate, 2015). Those who contribute to a project can get benefits of company shares, discount on purchases or other gifts (Kang et al. 2016). Those who use crowdfunding platforms create experience and cooperation by helping each other. It is both give and take for all the participants. The users often ask each other for advice, they do this through , social media and also offline, which is face-to-face (Choy & Schlagwein, 2016). Davidson and Poor (2015) were presented to the people who have or have had a crowdfunding project posted on a platform does not want it again. Because of that it can be difficult to ask for contributions again when you already done it once before. Because of this, it may be that the knowledge and experience of how crowdfunding works is a one-shot experience (Davidson & Poor, 2015). Before the use of crowdfunding platforms required the investment of time, but also during and after the time. To have project posted on crowdfunding platforms means more than the typical entrepreneurship. There are a direct and intensive communication constantly through the crowdfunding platform, face-to-face, and social media. Davidson and Poor (2015) means that Facebook is one of the most important promotional to crowdfunding platforms campaigns (Davidson & Poor, 2015). Most often is it through social networks the crowdfunding project on the platform is found according to Vachelard et al. (2016). According to Viotto (2015) usually users observe other projects on crowdfunding platforms to learn about how it works (Viotto, 2015). Galuszaka and Brzozowska (2016) argue that those who observed other users learned how crowdfunding platforms worked quickly (Galuszaka & Brzozowska, 2016). Crowdfunding platforms are associated with charity, so they who should start a project based on charity often hear the suggestion to use crowdfunding platforms (Choy & Schlagwein, 2016). Empirical findings In this study has 217 respondents participated. All 217 respondents have answered the three questions that the survey contains, which together make 100 %. 7

8 Figure 1 Age of the respondents Figure one present the age distribution in the survey. The respondents answered the question Age?. The outcome shows that no one of the respondents was between 0-15 years. 127 respondents were between years. 62 respondents stated that they were between years. 22 respondents answered that they were between years. Two respondents were between years and four respondents clicked in that they were 76 years or older. The result is that the ages between were a bit overrepresented with whole 59 % of all the respondents. Figure 2 Present the answers in numbers 8

9 Figure 3 Present the answers in percent The question number two was How did you learn about what crowdfunding platforms are?. The result in the survey shows that the majority of the respondents answered that they have learned about what crowdfunding platforms are through the Internet. It was 94 respondents that have learned about what crowdfunding platforms are through the Internet, which is 43,3 %. 16,1 %, which is 35 respondents, responded that they have got it through their friends. 13,8 %, 30 respondents, stated that they have get knowledge about what crowdfunding platforms are through other users of crowdfunding. Then there was 12, 4 %, 27 respondents, who answered by the workplace and 8,8 %, which is 19 respondents learned about it through their education. Some of the respondents, which is 12 respondents and 5,6 %, have chosen the alternative other and wrote another alternative. Six respondents of these 12 has wrote through family, four wrote through books, one wrote through investment forum and one wrote through high school. Figure 4 Present the answers in numbers 9

10 Figure 5 Present the answers in percent The third question was Where did you learn to use crowdfunding platforms?. The result shows that the majority of the respondents have learned to use crowdfunding platforms through the Internet. It was 87 respondents who answered that, which is 40,1 %. 15,7 %, 34 respondents, responded through other users of crowdfunding. 30 respondents, 13,8 %, answered that they have learned to use crowdfunding platforms through the workplace. 12 %, which is 26 respondents, responded by friends. 10,6 %, 23 respondents, choose the alternative education and 17 respondents have wrote an own alternative through to choose the alternative other, which was 7,8 %. 14 respondents of these 17 has wrote through family, two respondents wrote through high school and one wrote through a library. Analysis As shown by the survey was younger people, between years, overrepresented in the survey with 59 %. Which may be because more younger people than older use crowdfunding. The younger generation has grown up with the Internet in a different way than the older ones have done. The younger is more used to do errands on the Internet. Just as Kang et al. (2016) and Mollick (2014) argues that crowdfunding is still a new way to search finance on the Internet and it is still developing. It could be that the younger generation has more trust to the Internet, especially in this context when it comes to money and cooperation (Kang et al. 2016). It is difficult to draw this conclusion and make a generalization, because the majority in the survey was a particular age. Viotto (2015) wrote that the Internet has expanded considerably and still doing it, does that the Internet been used by more and more people around the world. Therefore it is smart for entrepreneurs and companies to appear and be on the Internet. Crowdfunding platforms are one of several places on the Internet that are great to appear for entrepreneurs and companies. Crowdfunding platforms are an online service that allows creators to collect contributions to a project (Siering, Koch & Deokar, 2016). Just like Gerber and Hui (2013) says is the reasons for using crowdfunding platforms is not only to search capital, but also to attract attention, receive feedback, make contacts and learn from others. The motives of the supporters are to help and be a part of the community that is available on these platforms (Gerber & Hui, 2013). In about five years it is created 1000 different platforms (Viotto, 2015). 10

11 43,4 % of the users who participated in the survey stated that they have learned about what crowdfunding platforms are through the Internet. It can be linked to what the theory says about crowdfunding is not only to post the campaign on the platform, but it requires a lot of networking through social media, such as Facebook, LinkedIn and Twitter. Public forums such as blogs and other events are also important to spread the project. It is important to update often to get attention on the Internet (Vachelard et al. 2016). Davidson and Poor (2015) argues that social media, particularly Facebook, is an important way to promote their crowdfunding campaign because you get access to a lot of people in a simple way. Since this need of networking it is been spread to more and more people come in touch what crowdfunding platforms are through the Internet. The answer options friends, workplace and other users was evenly distributed. Previous research says that the social circles as friends and colleagues are important in this contest and them should help to send out positive signals about the project and also contribute money to the project to increase the credibility (Kang et al. 2016). It will lead to that the financiers will be more susceptible to venture investing. The projects with many financiers usually attract even more financiers easier (Yang, Wang & Wang, 2016). Only 8,8 % of the respondents replied through theirs education, which does not quite match what the theory says. According to Vachelard et al. (2016) it is in common that students use crowdfunding platforms, because the students may find it difficult to get capital from traditional contributors. The result can depends to the small sample size and had perhaps been different if others users of crowdfunding had participated in the survey. The study examined not only how users became aware of the crowdfunding platforms but also where the users learned to use crowdfunding platforms. Here also the majority of the respondents, 40,1 %, said that they have learned to use crowdfunding platforms through the Internet. According to Löher (2016) works crowdfunding platforms as an intermediary and therefore it is important that there is information about how to use it and how to handle the project. Sometimes it occurs informational asymmetries between the participants and the platforms. The platforms want to reduce this and therefore have the platform much information about how to use it but also other traditional sources have it according to Viotto (2015). Other users of crowdfunding platforms were the second most selected option for the Internet, which was 15,7 %. Previous research argues that it is in common to observe how other users does, to learn how it works (Viotto, 2015). Even Galuszaka and Brzozowska (2016) means that those who observe other users learn how crowdfunding work quickly. The remaining answer in the survey education, workplace, friend and others, others contained mainly family, are evenly distributed. Conclusion Those who wants to get involved in a project can now make it easier with the help of the digital environment grows and open up ways for new opportunities. The result show that about 40 % of those who participate in the survey has both learned what crowdfunding platforms are and how to use it through the Internet. That result are correspond with what previous research says about the need of much networking through the Internet especially through social media, which makes it spreading to more and more people. The other alternatives in the survey education, workplace, friends, other users and others, which especially presented family, was evenly distributed of the remaining respondents who do not have learned it through the Internet. Overall, it learns mostly through the Internet because crowdfunding possibly is available on the Internet, but it learns through education, workplace, friends, other users and family as 11

12 well. Previous research also concluded that users find it difficult to ask for contributions again if they already have done it before, which can lead to just as the theory says that the use of crowdfunding is a one-shot experience. A bias on this survey is that the sample is quite small and then not representative of all users of crowdfunding. Therefore, a conclusion is difficult to draw and further research would be preferable. Further research The survey method can be changed to qualitative interviews to get a broader understanding about how the users of crowdfunding platforms learned about them. Also how users experiencing how fast the crowdfunding concept spreads to more and more people around the world. Might be interesting to study how this financial method learns and used through the company s perspective, both small and large companies, now and in the future. References Belleflamme, P., Lambert, T., & Schwienbacher, A. (2014). Crowdfunding: tapping the right crowd. Journal of Business Venturing. Vol. 29, No. 5, pp Booth, P. (2015). Crowdfunding: a spimatic application of digital fandom. USA: DePaul University. Vol. 17, No. 2, pp Choy, K., & Schlagwein, D. (2016). Crowdsourcing for a better world. On the relation between IT affordances and donor motivations in charitable crowdfunding. Australia, Sydney: School of Information Systems, Technology and Management, UNSW Australia Business School. Vol. 29, No. 1, pp Cordova, A., Dolci, J., & Gianfrate, G. (2015). The determinants of crowdfunding success: evidence from technology projects. Italy and UK: Bocconi University, Management Department, CMC Capital London, Finance Department. Vol. 181, No. 3, pp Davidson, R., & Poor, N. (2015). The barriers facing artists use of crowdfunding platforms: personality, emotional labor, and going to the well one too many times. Israel and USA: University of Haifa, Independent Scholar. Vol 17, No. 2, pp Galuszka, P., & Brzozowska, B. (2016). Early career artists and the exchange of gifts on a crowdfunding platform. Poland: Faculty of Economics and Sociology, University of Lodz, Institute of Contemporary. Journal of Media & Cultural Studies. Vol 30, No. 6, pp Gedda, D., Nilsson, B., Såthén, Z., & Solberg Soilen, K. (2016). Crowdfunding: finding the optimal platform for funders and entrepreneurs. Technology Innovation Management Review. Vol. 6, No. 3, pp Gerber, M. E., & Hui, J. (2013). Crowdfunding: motivation and deterrents for participation. Northwestern University. Vol. 20, No. 6, Article 34. Jacobsen, I. D. (2002). Vad, hur och varför? Lund: Studentlitteratur. Kang, M., Gao, Y., Wang, T., & Zheng, H. (2016). Understanding the determinants of funders investment intentions on crowdfunding platforms. China: School of Economics and 12

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